03 Jan Happy New Year: 3 Great Ways to Give From Your IRA
3 Great Ways to Give From Your IRA
An IRA is an appealing way to save for retirement: Make a contribution and enjoy tax savings. But eventually, the tax bill comes due—when you take your annual distributions and again when you leave your assets to heirs. If you want to avoid the tax bite and make an impact on our mission, consider a gift to our organization.
1. Make Your Gift Today
If you’re 70½ or older, you can make a tax-free gift (up to $108,000 in 2025) to our organization. Benefits include:
- See the difference you’re making today.
- Pay no income taxes on the gift. The transfer doesn’t generate taxable income or a tax deduction.
If you are required to take minimum distributions, your gift can satisfy all or part of your obligation.
2. Magnify Your Impact After Your Lifetime
You can name us as a beneficiary of your retirement account. This is a great option for extending support from your IRA beyond your lifetime. It costs you nothing today.
Here’s how:
- Contact your IRA administrator for a change-of-beneficiary form, or simply download a form from your provider’s website.
- Name us and the gift percentage on the form.
- Let us know about your plans so we can thank you.
3. Create a Gift That Pays You
If you are 70½ or older, you can use your IRA to create a charitable gift annuity. Get fixed, reliable income for life by making a one-time election of up to $53,000 (without being taxed on the distribution). Because this option comes with special rules, we’d be happy to discuss whether this gift is right for you and we would always recommend consulting with your CPA and financial advisor.
Whether you make your impact at CFSL today or after your lifetime, your gift matters. Please contact Amy Ponson, CEO at 985-850-3116 or aponson@htdiocese.org to discuss your plans.